Text: HSB00696                          Text: HSB00698
Text: HSB00600 - HSB00699               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

House Study Bill 697

Bill Text

PAG LIN
  1  1    Section 1.  Section 446.16, subsection 1, Code Supplement
  1  2 1997, is amended to read as follows:
  1  3    1.  The person who offers to pay the total highest amount
  1  4 due, which is a lien on any parcel, for the smallest
  1  5 percentage of the parcel is the purchaser, and when the
  1  6 purchaser designates the percentage of any parcel for which
  1  7 the but in no case shall the bid be less than the amount of
  1  8 taxes, as defined in section 445.1, which are delinquent.  The
  1  9 purchaser will pay the total amount due, the percentage thus
  1 10 designated shall give the person shall have an undivided
  1 11 interest upon the issuance of a treasurer's deed, as provided
  1 12 in chapter 448.  If two or more persons have placed an equal
  1 13 bid and the bids are the smallest percentage offered, the
  1 14 county treasurer shall use a random selection process to
  1 15 select the bidder to whom a certificate of purchase will be
  1 16 issued.  The amount of taxes, as defined in section 445.1,
  1 17 which are delinquent, shall be a lien on any parcel.
  1 18    Sec. 2.  Section 447.1, unnumbered paragraph 1, Code 1997,
  1 19 is amended to read as follows:
  1 20    A parcel sold under this chapter and chapter 446 may be
  1 21 redeemed at any time before the right of redemption expires,
  1 22 by payment to the county treasurer, to be held by the
  1 23 treasurer subject to the order of the purchaser, of the total
  1 24 amount for which the parcel was sold of taxes, as defined in
  1 25 section 445.1, which are delinquent, including the fee for the
  1 26 certificate of purchase, and interest of two percent per month
  1 27 applied to the amount of the delinquent taxes, counting each
  1 28 fraction of a month as an entire month, from the month of
  1 29 sale, and the total amount paid by the purchaser or the
  1 30 purchaser's assignee for any subsequent year, with interest at
  1 31 the same rate added on the amount of the payment for each
  1 32 subsequent year from the month of payment, counting each
  1 33 fraction of a month as an entire month.  The amount of
  1 34 interest must be at least one dollar and shall be rounded to
  1 35 the nearest whole dollar.  Interest shall accrue on subsequent
  2  1 amounts from the month of payment by the certificate holder.  
  2  2                           EXPLANATION
  2  3    Current law provides that bidders on the same parcel being
  2  4 sold at tax sale must bid down the percentage amount of their
  2  5 interest in the property for payment of the amount of
  2  6 delinquent taxes.  This bill would remove the "bidding down"
  2  7 requirement and would allow persons to bid the dollar amount
  2  8 up for a 100 percent interest in the property.  However, the
  2  9 bill provides that the 2 percent interest per month payable to
  2 10 the tax sale certificate holder by the person redeeming the
  2 11 parcel shall only be applied against the amount of the
  2 12 delinquent taxes.  Also, the bill provides that the amount
  2 13 necessary to redeem the parcel shall be that amount bid for
  2 14 the parcel which does not exceed the amount of delinquent
  2 15 taxes.  
  2 16 LSB 4362YC 77
  2 17 sc/cf/24.1
     

Text: HSB00696                          Text: HSB00698
Text: HSB00600 - HSB00699               Text: HSB Index
Bills and Amendments: General Index     Bill History: General Index

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